Vodafone ups cost saving target for UK unit VodafoneThree

LONDON, Oct 8 (Reuters) - Vodafone upped the cost savings target for VodafoneThree to £1 billion ($1.32 billion) by its 2032 financial year from £700 million by 2030 on Thursday, saying it had greater confidence in the British unit created by the merger of Vodafone UK and rival Three last year.

• Vodafone Group Chief Executive Margherita Della Valle said: "After a strong start, we now have even greater confidence in the opportunity ahead"

• Vodafone said: VodafoneThree will be a key driver of Vodafone Group's mid-term ambition for double-digit organic growth in adjusted free cash flow

• The UK unit is targeting operating free cash flow growth of more than three times the financial year 2025 level

• In May, Vodafone agreed to buy its partner CK Hutchison's stake in VodafoneThree for £4.3 billion, taking full ownership of Britain's biggest mobile operator a year after it was created

($1 = 0.7577 pounds)

(Reporting by Paul Sandle; editing by Sarah Young)